I recently tweeted a statistic from an article that cited a few interesting tidbits. It was geared towards increasing optimism towards marketing utilizing social media, but the source documents used offer much more information than that. I’ll share with you some of the things I found intriguing and how this can potentially benefit both you and your organization.
Let’s start with this survey of CEO’s and their top issues with marketers. The #3 issue is:
When asked to increase their Marketing ROI, they tend to understand it as cost cutting through better economies of scale or negotiations with their third-party partners and agencies, instead of top-line growth generation: more revenue, more sales, more prospects, more buyers (73%)
Now from the “2011 B2B Marketing Mix Survey” a couple of more statistics:
-45% of companies do not have a formal marketing plan
-68% of companies spend 5% or less of their revenue on marketing
-Only 40% expect their marketing budget to increase in 2012
–Trade shows and events are second only to referrals for generating sales leads
As part of my job, I get to attend different trade shows and events, which allows for me to see trends first hand. Beyond the numbers previously mentioned, here are some things I’ve noticed in the field recently:
-Many companies seem to be going through the motions; using basic, easy displays, minimal staff, and irrelevant giveaways
-Other companies are benefiting from making the decision to stand out using engaging interactives, unique displays and strategic promotions
I recognize that the past few years have shell shocked many companies and organizations, and almost every penny is being scrutinized (especially those for marketing). That being said, it looks like there is an enormous opportunity to take advantage of this situation. Marketing effectively when others are hesitant to, makes it much easier to break through to the target audience.
As you plan for next year, be sure to consider how to capitalize on this opportunity. Develop a plan that the CEO can get behind, explaining how the top-line revenue will grow. Focus on the ROI. When directly placed amongst the competition (trade shows, events, social media), do something that will engage the target audience. If most companies stay reluctant to do these things; there will be other companies that will now, and will ultimately improve their market position . Why not become that company?
Author: Chase Howells
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Sources:
http://socialmediab2b.com/2011/09/b2b-social-media-marketing-statistics/
http://www.fournaisegroup.com/Marketers-Lack-Credibility.asp?_fwaHound=13303826_12185_13303826_0_0_0_0
http://www.sagefrog.com/pdf/2011_B2B_Marketing_Mix_Survey_Results.pdf